No major red flags at Koda after funds misappropriation

AN EXTERNAL consultant appointed by Koda has said that there are no major red flags after corrective actions were taken following the misappropriation of funds from subsidiary Commune Lifestyle.

The furniture maker had lodged a police report on the alleged misappropriation of funds of about S$263,000 by a former employee in November 2023.

The consultant GENS Management Consultancy found no processes or activities that did not serve their intended purpose in the phase one review. However there were some low-risk findings uncovered by the consultant following the actions taken by Koda.

It has been recommended that Koda implement a policy to allow authorised account creations in the absence of the chief executive officer with a regular review of user activities, and standardised push notifications within the payment gateway system. The management has agreed and will address the issues.